Mathematics
GerdaParkhurst194
21

Jill Ley took out a loan to pay for her child's education for $60,000. The loan would be repaid at the end of 8 years in one payment with an interest of 6 percent. The total amount Jill has to pay back at the end of the loan is?

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(1) Answers
Beatrice935

each year, the interest is 60 000 x 6/100 = 3,600 in 8 years the amount of interests is 8 x 3600 = 28,800 he'll pay $88,800

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